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Eli Lilly and Co. said Thursday strong sales of diabetes treatment Mounjaro, weight-loss treatment Zepbound and other drugs helped push second-quarter profit up 68%, to $2.97 billion, and it raised full-year revenue guidance by $3 billion.
The Indianapolis-based drugmaker said revenue increased 36% in the quarter, to $11.3 billion. Zepbound, the popular obesity drug that launched in December, crossed into blockbuster territory, with sales of $1.23 billion in the quarter.
Mounjaro, which was launched just two years ago, had sales of $3.09 billion, making it Lilly’s top-selling product.
Cancer drug Verzenio also crossed into blockbuster territory, with sales in the quarter of $1.3 billion.
“Mounjaro, Zepbound and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda, and it is equally exciting to see the growth around the world of our medicines for cancer, neurological disorders and autoimmune diseases,” said David A. Ricks, Lilly’s chair and CEO, in written remarks.
Reported earnings per share were $3.28, up 68% from a year ago. That blew past Wall Street’s consensus estimate of $2.71. When adjusted for one-time events, earnings were $3.54 billion, up 86%.
Shares of Lilly shot up 10.4% in premarket trading to $851.99.
An overwhelming demand for Mounjaro and Zepbound caused shortages for both products in the quarter. Lilly said supply and demand “have come into better balance,” but it added that expected increases in demand “may result in periodic supply tightness for certain presentations and dose levels.”
In the U.S., Lilly plans to launch Zepbound in 2.5 mg and 5 mg single-dose vials in coming weeks. In recent months, Lilly has announced plans to invest billions of dollars in new manufacturing lines to help it keep up with demand.
The drugmaker now expects full-year adjusted earnings of $16.10 to $16.60, up from the previous guidance of $13.50 to $14 per share.
The company also expects revenue for the year to come in between $45.4 billion and $46.6 billion, an increase of $3 billion at both ends of the range.
In the second quarter, research and development expenses increased 15% to $2.71 billion, or 24% of revenue, driven by continued investments in the company’s pipeline.
Marketing, selling and administrative expenses increased 10% to $2.12 billion, primarily driven by investments in the company’s launches.
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I have not been able to get Maunjaro 12.5mg since May and still can’t get it. Checked cvs, Meijer, Kroger etc